Caisse ups stake in Indian solar company

The Caisse de dépôt et placement du Québec is increasing its investment in an Indian solar power company to 40 per cent.

The Caisse is contributing US$100 million to Azure Power Global Ltd.’s latest round of capital raising, bringing its total investment to US$240 million.

“Through this investment, we are reaffirming our commitment to Azure Power and our willingness to support its growth,” said Emmanuel Jaclot, executive vice-president of infrastructure at the Caisse, in a press release. “Azure Power is a leader in the fast-growing sector of solar power in India, a priority market for CDPQ, and has a high-quality management team that possesses thorough knowledge of the industry. Furthermore, this transaction fits perfectly with CDPQ’s desire to contribute, as an investor, to a global low-carbon economy.”

Azure’s business, which is spread across 23 Indian states, includes the development, construction and operation of solar projects of varying sizes, from utility scale, rooftop, mini andmicro grids.

“CDPQ’s successive investments into Azure Power since we went public on NYSE in 2016 are a strong testament of our leading solar power platform in India,” said Inderpreet Wadhwa, founder, chairman and chief executive officer at Azure Power, in the release. “CDPQ’s new investment enables our continued organic growth of highest quality solar power assets and our contribution towards realization of India’s prime minister’s commitment towards clean and green energy.”